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Nifty50 on Wednesday saw a smart rally and broke above its immediate resistance at 9,050 level on a closing basis. Analysts said the 9,100-9,158 range could pose some resistance going forward, while support is seen near the 9,000 level.

Daily strength indicator RSI and the momentum indicator Stochastic both have turned bullish along with a positive crossover. This supports the view that the upside momentum may continue, said Rajesh Palviya of Axis Securities.

“For the coming session, the 9,100 level remains important to watch out for and any sustainable move above this will trigger further buying momentum to continue towards the 9,160-9,250 range. Intraday support is placed at 9,000 level" Palviya said.

For the day, Nifty closed at 9,066, up 187 points, or 2.11 per cent. It formed a bullish candle on the daily chart. On the hourly charts, the index has reached the junction of the 40-hour exponential moving average and the hourly upper Bollinger Band.

“The chart reveals that Nifty has the potential to form a Bearish Flag pattern. Thus the 9,100-9,130 range is an immediate hurdle to watch out for. Any failure to sustain at this level would push the index into the next down leg,” said Gaurav Ratnaparkhi, Senior Technical Analyst at Sharekhan.

Check out the candle formations in the latest trading sessionsRatnaparkhi said the 9,000-8,950 range will now act as a near-term support for Nifty.

Mazhar Mohammad of Chartviewindia.in said a strong recovery without a follow through to the breakdown registered on May 18 is hinting that the index might be in the process of chalking out a new trading range in the 9,158–8,806 zone. He advised traders to remain neutral on the index and instead shift focus to stock-specific opportunities.